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Chip-maker Broadcom has withdrawn its bid for rival Qualcomm, two days after US President Donald Trump declared he would block the $142bn (£104bn) deal.

Broadcom announced on Wednesday it had formally abandoned its hostile takeover bid for Qualcomm. The mammoth offer would have created a new giant in the $400bn semi-conductor industry in the tech sector's biggest ever deal.

Broadcom launched its bid in November and had been gathering support from investors to secure a deal. However on Monday Mr Trump stepped in, citing national security concerns.

"Although we are disappointed with this outcome, Broadcom will comply with the order," Broadcom said in a statement.